KARACHI: Pakistan’s securities regulator on Monday announced two digital initiatives aimed at overhauling how insurance data is stored and accessed, in a push to strengthen enforcement, improve transparency and make it easier for citizens to trace insurance coverage.
The Securities and Exchange Commission of Pakistan (SECP) announced in two separate statements it had introduced a nationwide Life Insurance Policy Finder to help families identify policies held by deceased relatives. It also directed all non-life insurers to join a centralized Motor Insurance Repository (MIR).
Both systems, developed with the Central Depository Company (CDC), seek to address longstanding gaps in a sector where weak records, low compliance and limited data-sharing have left motorists, policyholders and beneficiaries without reliable recourse.
“The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Central Depository Company of Pakistan Limited (CDC) and the Insurance Association of Pakistan (IAP), has introduced the Life Insurance Policy Finder Service,” it said in one of the statements. “This initiative is designed to facilitate the general public in locating life insurance policies of deceased loved ones.”
“The service addresses a long-standing challenge faced by families who remain unaware of life insurance policies held by their deceased relatives,” it added. “This lack of awareness often results in legitimate claims and benefits remaining unclaimed for years.”
The SECP said the initiative aims to strengthen consumer protection, promote transparency and provide structured and secure access to insurance benefits for rightful heirs and beneficiaries.
Under the new policy-finder service, which goes live on Dec. 15, individuals can send the CNIC number of the deceased via SMS to 99833.
If a policy exists, the relevant insurer will contact the beneficiary to verify details and guide them through the claims process. Life insurers and family takaful operators have also been instructed to participate fully and respond to queries within set turnaround times.
Separately, on the motor insurance side, all non-life insurers underwriting vehicle policies are required to sign a service-level agreement with the CDC within 60 days and begin uploading complete and validated policy data to the MIR.
The repository will allow provincial and federal authorities to verify third-party insurance coverage, a requirement that exists on paper but remains loosely enforced nationwide.
The SECP said the measures form part of its broader effort to promote digital transformation, improve compliance and safeguard consumer interest.
“A centralized and validated data repository will allow authorities to verify insurance coverage efficiently, addressing significant gaps in compliance,” it added.
